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Vimba.co Review (2018)

Vimba.co
  • Ease of Use
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
4.2

Summary

Vimba is a platform which allows you to regularly save (i.e., dollar-cost average) into the bitcoin (BTC) and ether (ETH) market. They’re based in New Zealand, but have recently opened their doors to the

It’s simple to setup and easy-to-use. Rates aren’t great (fixed at 3.5%), but it’s your best option if you want to drip-feed smaller amounts (<£100/week) into BTC and ETH.

In this Vimba review, I’m going to dive in and explore their platform a little.

Don’t want the long story? Skip straight to my summary at the end.

Who are Vimba?

The land of hobbits and sheep.

Vimba (formerly MyCryptoSaver) are based in New Zealand, and have been offering their services there since 2014. Their services include:

  • Setup regular purchases of supported cryptocurrencies (via standing order).
  • Buy and sell supported cryptocurrencies in chunks (like you normally would).

They’ve been testing their regular saving platform with some users in the UK since Spring 2018. I’ve been testing it for about a month now and had no issue. However, you can’t currently use their buy/sell dashboard area if you’re from the UK – only the regular purchased area.

On Monday 19th November, they opened it up to everyone in the UK. If you signup through this affiliate link, you’ll receive £5 of free bitcoin (BTC) when you complete your first savings transaction.

They currently have a 5/5 rating on Trustpilot.

Supported Cryptocurrencies

Vimba currently only supports Bitcoin (BTC) and Ethereum (ETH). You can easily choose (and change) what percentage of your regular payment should be used to buy each of these.

While they do have plans to support additional cryptocurrencies, they’re being selective about what coins they do support.

“We realise that most of our userbase is very new to crypto and we don’t want to offer them coins that we don’t think are legitimate, decentralised enough, have an actual use case etc”

For more information on their position, check out this blog post.

How’s it Work?

Getting started with this couldn’t be easier.

(Click to enlarge any of these images)

Signup page on Vimba.co

1) Head over to Vimba.co and get yourself registered. If you want to use my affiliate link, you’ll get £5 of free bitcoin when you setup your first purchase. You’re required to verify your identity to comply with AML/KYC regulations.

Payment details for Vimba.co

2) Login and select ‘Save’ in the Vimba dashboard. Then scroll down a little and you’ll see the payment details. You’ll use these details to setup a standing order (every week, every half-month, or every month) on a Monday. You’ll need to setup a minimum regular payment of at least £10 to Vimba.

Transactions page on Vimba.co

3) All done! You’ll receive your cryptocurrency (direct to your wallet) on the Friday after Vimba receives your payment. You’ll receive an SMS when that happens.

Fees

Vimba charges a fixed fee of 3.5% (regardless of how much you buy).

Coinbase is the only other service (which I know of) which lets you setup regular purchases. Because of how Coinbase fee schedule is setup, you won’t get their headline rate of 1.5% for bank transfer purchases unless you buy at least £200 worth of a cryptocurrency.

When I checked, it only becomes cheaper to use Coinbase if you’re setting up a regular purchase of more than £100. For amounts less than this, Vimba has lower fees.

When compared to alternatives which don’t offer a regular purchase feature (i.e., it’s all manual), here’s how Vimba compare:

 VimbaBittyliciousSolidiBeyondCCWirex
Approximate Fee Percentage3.5%2%1.5%1%1.5%
Fees Incurred on £50 Purchase£1.75£1£0.75£0.50£0.75
My Review-Bittylicious ReviewSolidi ReviewBeyondCC ReviewWirex Review

Limits

These are the limits:

  • Minimum Payment: £10 (per week, half-month, or month)
  • Maximum Payment: £2000 every 4-week period (i.e., £500/week)

You can easily adjust, suspend, or cancel your regular purchase by modifying your standing order appropriately.

Summary: Best Way to DCA into Bitcoin

If you want to setup smaller (<£100) regular Bitcoin (BTC) or Ethereum (ETH) purchases, then Vimba is a great choice.

  • It’s simple and easy (if you know how to setup a standing order, you’re half-way there). I’d be comfortable throwing a technophobe at a platform like this.
  • It allows you to cost-average your purchases into the two most popular cryptocurrencies (learn more about the pros and cons of cost-averaging here)
  • I wish their fees were lower, but they’re not too bad (fixed at 3.5%). Coinbase is their closest alternative, but their fee structure makes it expensive to buy smaller (<£100) amounts.

I would definitely recommend Vimba to others. It’s something that I’m going to use to brainlessly drip-feed a small amount of money into Bitcoin (BTC) each month.

If you’d like to test them out yourself, signup through this affiliate link and you’ll receive £5 of free Bitcoin (BTC) when you setup your first regular purchase. If you signup before 15th December, you’ll also pay 0% fees for your first month.

Your Thoughts?

Have you used Vimba? What did you think?

Let everyone else know in the comments below.

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